News Highlights: Top Financial Services News of the Day

Markel has reached to a deal to buy State National for $919 million in cash, the property- and casualty-insurance companies said Wednesday.

House Votes to Repeal CFPB's Arbitration Rule

The U.S. House voted 231-190 to overturn a regulation that could make it easier for consumers to sue banks in groups, an early step to undo a rule that is opposed by the financial industry and Republicans.

Denver Wins Big as Financial Firms Relocate to Cut Costs

Charles Schwab is one of the firms leaving traditional coastal financial hubs like New York and San Francisco in favor of cities with cheaper real estate like Dallas or Salt Lake City.

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Betterment Adds More Human Advice to Its Robo Services

Robo-adviser Betterment plans to unveil expanded access to human advice with an unlimited text-messaging service, while also cutting 20% off the price of its "premium" service that provides telephone access to a team of planners.

Loan Investors Give Companies a Break at Their Own Expense

It has proved startlingly easy for companies to cut the rates on their leveraged loans. Loan investors have little choice but to go along.

U.S. Audit Regulator Sanctions Hong Kong-Based Accounting Firm

The U.S. government's audit regulator has barred the Hong Kong affiliate of accounting firm Crowe Horwath from auditing U.S.-traded companies after the firm refused to cooperate with the regulator's investigation of its work for a Chinese company.

Australia's Central Bank Rules Out Need to Follow Pack

Australia's central bank chief on Wednesday dismissed the idea that the bank needs to change its stance in automatic response to a changing tide of opinion on policy overseas or the latest signs of weakness in domestic inflation.

State Street Votes Against 400 Companies Citing Gender Diversity

Index-fund giant State Street Global Advisors voted against the reelection of directors at 400 companies this year on grounds they failed to take steps to add women to their boards.

SEC Warns on Initial Coin Offerings

The SEC said Tuesday that laws written to protect investors in everyday stock sales also may apply to digital currencies known as initial coin offerings, potentially imposing a new layer of regulation on the nascent industry.

Cohn and Yellen Are Among Trump's Contenders to Lead Fed

President Donald Trump is considering renominating Janet Yellen as Fed chairwoman but also views his economic adviser Gary Cohn as a top candidate, he told The Wall Street Journal in an interview Tuesday.